English>> news

China to deepen financial opening-up, strengthen financial services for real economy
2021-07-22 10:15:45

Photo taken on Jan. 14, 2021 shows a night view of Lujiazui in Pudong of east China's Shanghai Municipality. (Xinhua/Fang Zhe)

BEIJING, July 21 (Xinhua) -- Chinese Premier Li Keqiang on Wednesday heard a report on advancing financial opening-up at a State Council executive meeting, where he also chaired discussions on work related to greater financial openness and stronger financial services in boosting the real economy.

The meeting noted the steady opening-up of China's financial sector in recent years, during which more than 100 foreign-invested banks and insurance, securities, payment and clearing institutions have been approved and set up.

"We've achieved notable progress in opening up the financial sector in recent years. Yet there are also many challenges," Li said, "We need to continue advancing opening-up in an orderly way, and fully leverage both the domestic and international markets and resources, so that China remains a popular destination for foreign investment."

The commitments made on financial openness will be effectively implemented. Proactive efforts will be made toward a higher level of financial openness based on a negative list approach, by aligning with international standards.

The market access threshold of foreign-invested financial institutions such as banks and insurance companies will be refined, and rules concerning cross-border transactions between parent and subsidiary firms of financial institutions will be improved. Channels and methods for foreign capital to participate in the domestic financial market will be optimized.

Management requirements of direct investment projects that are closely related to the real economy will be improved. Efforts will be made to keep the RMB exchange rate basically stable and at an adaptive and balanced level.

"As a developing country, China's development must rely on the real economy. Greater financial openness should better serve the real economy, which is of great importance to maintaining the country's economic stability," Li said.

The macroprudential policy framework will be improved, and mechanisms for the monitoring, evaluation and early warning of systemic financial risks will be put in place, to maintain smooth operation of the financial market.

"We must fully deliver on the commitments we have made by advancing the opening-up in the banking and insurance sectors in an orderly way," Li said, "We need to take a holistic approach in handling the relationship between financial openness and financial security, to better safeguard China's economic and financial security."

The meeting also decided on measures to further facilitate cross-border trade and foster a more enabling business environment at ports, to sustain steady growth of foreign trade.


A village in Yunnan blossoms with art
Do you know these wild mushroom?
The First Choice for Parent-child Travel——Shangri-La
Dew after Rain in Shangri-la
Shangri-la Matsutake
How beautiful can one road be?
Costume Culture of Diqin">Costume Culture of Diqin
Dali Lake in Inner Mongolia is a perfect destination
The 2021 Damshung Cordyceps Festival kicked off
Tibetan incense, a popular industry in Nyemo, Tibet
Meeting Deqen at Highland
View of Lhamo Yangtso Lake
Hand-woven products help improve livelihoods of Wa ethnic group
Lugu Lake: Mesmerizing views of the last matriarchal society
Tibetan Opera troupe marks 60th anniversary
Flocks of black-necked cranes seen in Huize
Red pepper paste: Key to Zhanyi spicy chicken
Gusheng in Dali: Ancient village with new look
Mu Rui restores relics in Yunnan museum

A village in Yunnan blossoms with art Do you know these wild mushroom? The First Choice for Parent-child Travel——Shangri-La Dew after Rain in Shangri-la Shangri-la Matsutake
Supervised by Publicity Department of the CPC Diqing Prefectural Committee; Run by Diqing Daily
Copyright @shangri-lanews.cn; All rights reserved since 2008
Reproduction without permission is prohibited.

IPC license numbers: 09000927-1(provincial); 53120170008 (national)
No. at local police: 53342102000007
Tel.: 0887-8881015 E-mail: 70835107@qq.com